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There are a few ways to oxygenate water; creating waves or action at the
surface; diffusion from the air or atmosphere and photosynthesis; oxygen
produced from light on plants. Plants assist in the production of oxygen in the
presence of light, and also absorb carbon dioxide, but when the lights go off;
the plants cease to produce oxygen and release the carbon dioxide they've
absorbed, but no matter how oxygen enters the water, there must be space in the
body of water before oxygen can enter.

There are a few things that can and will take up this valuable space, pushing
oxygen out. First and foremost on the list is carbon dioxide, a harmless gas
created from the waste being produced. Another gas that fills the body of water
is supersaturated gases which are created from water pressure found in tap
water.

There are two types of gases found in a goldfish tank or pond. Carbon
dioxide; created from waste and supersaturated gases (concentrated amounts of
oxygen) found in tap water. These gases take up space in the water; keeping
oxygen from entering.
Green water algae is free floating and takes up valuable space in the water, but
you won�t see this type of algae in water that is moving. Water action forces
algae on to substrate, clearing the body of water. A bacteria bloom or cloud
also takes up space in water, and is most commonly seen in water that is has
little or no action.

Because we know oxygen is absorbed from the surface, aquariums are more at risk
for decreased oxygen levels than ponds because the surface is small compared to
the body of water.

Carbon dioxide is created from waste; which goldfish produce in great amounts.
Since waste sits on the bottom, this is also where you'll find Co2.

Can bubble wands be used for aerating water?

It is a myth that bubble wands oxygenate the water; they create little
surface action, making little contribution. This piece of equipment releases air bubbles into the water that shoot to the surface and pop, releasing the oxygen back into the air.
Imagine the surface of your tank as a wall; a bubble wand, two, even three wands is very much like knocking a hole or two in the wall, but the entire wall must come down in order for the goldfish to breathe.
Goldfish absorb oxygen from the water and should discouraged from taking in air. This may cause the fish to blow bubbles through its gills
or mouth which may reduce oxygen intake, and eventually
suffocate the fish. This may also disrupt the gas exchange from the intestinal tract
to the swim bladder organ; creating
digestive and swimming disorders.
Pond pumps Verses aerators

How much surface action is needed?

Here's an example of proper surface action
provided by Shadow
Although surface action is all important, if
the water is deep, it's just as important to pull
tank or pond water from the bottom to the
top so the gases commonly found in tank or
pond water can be expelled, freeing the body
of water. Carbon dioxide is created from
waste which goldfish produce in great
amounts. Since waste sits on the bottom, this
is also where you'll find Co2.

The greater the action, the freer the body of water. Only a real pond pump
can provide the action necessary for clearing a body of water, whether it�s a
pond or aquarium. Pond pumps pull water from the bottom, and then shoot it to
the surface in a jet stream. As the water hits the air above the surface, the
gases are expelled.

Goldfish that have been deprived of oxygen exhibit the following symptoms;
redness around the gills; gasping at surface; pop eye; bulging eyes: You might
notice that some of these are the same symptoms associated with a pH crash, and
that is because when these levels are low there is little oxygen in the water.
Carbonate (KH) minerals give water the ability to support oxygen. Raising KH
also raises pH being a measurement of oxygen and carbonate minerals combined.

The position of your goldfish in your tank or pond will tell you how good your
oxygen levels are. If you see your fish resting or grazing comfortably closer to
the bottom; oxygen levels are comfortable too. If you see your fish hanging out
at the halfway mark most of the time, this indicates that the bottom of the tank
has little oxygen. The closer your fish hang towards the surface, the less
oxygen in your tank or pond water.

To eliminate supersaturated gases found in tap water; increase
surface action; work the fresh water over before adding to the tank by pouring
it over and over again. Agitate the water as much as possible before adding to
fish tank. Hold your container high over the fresh water bucket; forcing it to
hit hard.
Bubble Disease

The deeper the water, the greater the action needed to clear the water from
gases. Shallow water that has a larger surface area is easier to oxygenate than
deep water with little surface area

All the surface action in the world will not oxygenate your
water if your goldfish tank is enclosed with a solid top or lid;
carbon dioxide will be expelled from the water, and then become trapped between
the surface and the lid before being absorbed back into the water.
Remove any solid cover from your goldfish tank, exposing the surface to fresh
air. Leave your
tank open or replace with a screen. In other words, flip your lid.

When the top of an aquarium is open, the water table is
normally lowered to reduce the risk of injury to the goldfish, but if the
surface is agitated and rolling, reducing the water table is a must. This gap
may provide a perfect spot for carbon dioxide (a heavy gas) to rest, blocking
the surface from fresh air, so keeping the room filled with fresh air; creating
some air movement assures these gases are pulled or pushed away from the water,
so oxygen can be absorbed from the air into the water. Open a window, install a
ceiling fan or a fan of any type will do. Some goldfish keepers clip tiny
computer fans to the top of their tanks.

Goldfish use less oxygen in colder water temperatures.
During warmer summer months, make sure your tank or pond water is heavily
oxygenated.